Crypto scams claiming celebrity endorsements are on the rise in the UK: Santander

Bloomberg – Crypto scams claiming to be backed by celebrities in the UK The Banco Santander SA unit said it is on track to nearly double this year (the Saint) in the country.

Santander said in a statement posted on its website on Tuesday that the “case volume” rose 61% in the first quarter compared to the previous three months. The average value of the scams was 11,872 pounds ($14,540), up 65% from 2021. According to the bank, around £2 million was lost due to these types of scams this quarter.

“We are seeing an alarming rise in celebrity endorsement crypto-related scams, Familiar faces on social media are maliciously used to deceive people into often life-changing sums.Chris Ainsley, head of fraud risk management at Santander UK, said in the statement.

Cryptocurrency scams are receiving increasing attention as regulators and politicians strive to encourage technological innovation while protecting unsuspecting consumers. Santander said it expects the number of crypto scams endorsed by celebrities to increase by 87% by 2022 based on the current growth rate.

British billionaire Richard Branson drew attention to this matter this month Bloomberg which is stepping up efforts to prevent its name from being used in cryptocurrency fraud. Bank of England Governor Andrew Bailey said in April that cryptocurrencies are the new “line of fire” when it comes to criminal fraud that regulators are trying to combat.

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